Western Gold Resources Limited announced a private placement that it has issued Convertible Notes with a face value of $1 per note each convertible into ordinary fully paid shares in the Company for the gross proceeds of $500,000 on May 29, 2024. The interest rate of the note is 12% per annum. The conversion price is to be the lesser of a 20% discount to the 5 day Volume Weighted Average Price immediately preceding the date of issue of the conversion notice by the Noteholder or a 20% discount to the share-price achieved for a capital raising conducted during the term of the note.

The Convertible Notes have a term the earlier of 12 months or the next capital raise. The transaction is subject to the approval of the shareholder.